Fred's, the general discount retailer, is throwing in the towel, officially filing for Chapter 11 bankruptcy protection, according to documents filed Monday with the Securities and Exchange Commission.
Shares, already battered, fell to a fresh record low.
Ticker Security Last Change %Chg
FRED FREDS 0.12 -0.12 -49.47%
The retailer, with locations primarily located throughout the Southeast, will hold liquidation sales at all locations which will close in about 60 days.
In July, the company announced plans to shutter 129 stores in an attempt to streamline operations and cut debt. At the time, that would have left 89 stores operating.
http://www.foxbusiness.com/retail/freds-files-for-bankruptcy-retail
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